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RE: Why Steem is unique in the Cryptosphere - A comparison of the features and history of the current top 7
For steem to move up the market cap there will need to be more demand for steem, you havn't explained how to achieve that? As it stands sells are overpowering the buys and it's been like this for 3 weeks...so unless the whales slow down or we create more demand for steem then the market cap is heading down which is not necessarily a bad thing since a low price allow for faster distribution
Well, I thought I had covered it, so I amended the conclusion at the bottom to directly summaries my reasons for believing this. It needs to be understood by investors that part of what they are getting for their votes is development. To stay ahead and continue to move forward, the accessibility and utility of the platform must continue to progress.
But the fundamentals, of a marketplace in votes for ideas, while entertainment brings minnows, what brings the Whales is development and marketing that sells the benefits of the platform. We certainly need a lot of the former, but they also bring scalability and moderation problems with them. The latter will be put off by failures to address these issues, but this can also be ameliorated by the development of new ways of accessing it and additional features not in the core forum system.
Sure, I think the developers of the website could stand to possibly improve the website, but nothing is stopping anyone from making apps. Without mobile apps, there will be a lot of impediments to adoption by those schools of minnows. Without filtering systems the minnows will spend too much fighting and not enough digging up the gold at the bottom of the tank. Without a good group/moderation and chat system, development is slowed by the difficulty for people to find each other and work together.
All of these things are happening.
Adoption doesn't necessarily mean demand for steem. Steem's slogan is "blog, get paid" and new users are expecting "free" rewards when they sign up, most users won't buy steem power. Adoption rate may bring in some new investment, but if the price keeps decreasing the adoption will also decrease so it is very important to create demand for steem or a better incentive to not sell ( a marketplace), maybe you have some ideas? I think user promoted posts could be a good start, similar to reddit users would be able to get their post trending by paying for it with steem, the steem could be sent to a burner address so that they don't hit the market ever again. This will increase demand and decrease steem supply so it's healthy for stability of the platform.
Your point about promoting your own stuff, you can already do that with Steem, just throw in surplus cash you have into Steem Power. You could even directly promote my work by sending steem into my account, that I could vest into steem power and increase my ability to push my material higher up.
Steem is a very minimal platform, and while it may seem like this is a weakness, it is actually a strength, if people organise groups to fund development of enhancing projects that help bring more in. There is developers making a mobile platform already, this would be huge for bringing in userbase.
I think actually the core anti-volatility and interest bearing smart contracts will eventually prove themselves to be effective. The price of steem against a falling bitcoin price, is difficult to properly assess. If you look at the different trajectories of all those cryptos pictured in the picture in my article, you can see that bitcoin as a metric for Steem is not entirely indicative of the situation. More avenues to exchange out Steem than Bitcoin already exist, and will become more important.
I don't think that the forum itself, is core to the success of Steem, but rather the built in smart contracts and the way it is distributed. It is not a recipe for fast growth, but slow and steady. This is explicitly stated in the Whitepaper and it is smart. We don't want steem to be a flash in the pan, we want it to burn like a nice slow combustion stove. This makes it good for investors, and more money in the pool means more rewards for contributors, in the long run.
We can't sit on our laurels. There is several other distributed forum platforms in alpha and will be released in a few months. We are all stakeholders in this. I have more than quadrupled my share in value on my account in 2 weeks, and the more I hold, the more I am invested in keeping this going.
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can't comment because under this is too deep in the thread (limit is 4). You make a very good point about ethereum being backed by computation and this is why its' market cap is bigger. The same criteria can give you info also why Bitcoin is so big. It requires a lot of electricity to implement it.
This speaks to something that I have been saying for a long time: that the backing of the cryptocurrency has a big impact on its market capitalisation, alongside its beneficial architectural features.
in fact, Steem, almost literally is backed by Time. Its' structure of smart contracts delays gratification, and this is partly to stop pump-and-dump abuse and to reduce the bad press of high volatility. As someone who has tried to profit from trading with bitcoin, I can attest that the volatility of bitcoin is incredible. It is reduced in the case of the giant chinese exchanges with their high volumes, but after my experience with EUR/USD exchange rates back in 2008, the volatility makes profitable trading impossible.
Your other point about temporary upgrades. This makes a lot of sense too. 10 bux and I can be at the top for 2 minutes. This is a good idea.
I mean paying like 300$ to get a spot on the trending page for 12 hours, do you know the influence I will have if I power up 300$? Nada,niet. Even if I power up 10 000k ( which i will never have ) my post will only increase a few cents.
What exactly are you arguing?
You know why ethereum has such a high marketcap? because the currency is needed to executed code on their blockchain so people know there will be demand for it, with steem it is not entirely clear why people would be buying it as an investor isn't it something that you are questionning?